Houston oilfield services company Baker Hughes, A GE company reported on Friday that 5 Nos of rigs were dropped to 924 in U.S during the last week. Gas rigs were flat lined and unchanged at 182 while oil rigs were counted down by 5 to 742 still the count is up 213 and 47 over this time last year. The U.S offshore rig number was slid by 1 to 17, a drop of 7 year-on-year.

The Louisiana state lost six rigs, Oklahoma's count was dropped by 2 while North Dakota took out one. New Mexico, Texas added one each and Wyoming state increased by two.

Rig count - oil price trend

The global oil prices were boosted by Geo-political tensions, inventory drawings and expected demand growth while U.S production numbers encourage bearishness in the oil market. Falling rig numbers will support the oil prices.